Construction has begun on Monrovia Business Park, an $8.5-million complex to consist of 10 buildings ranging from 6,900 to 42,000 square feet, for a total of 172,300 square feet. The master-planned park at the intersection of Duarte Road and Mountain Avenue is scheduled for completion early in 1986. The architect is William M. Simpson & Associates, Newport Beach.
Jack Langson, president of Investment Building Group, Los Angeles, owner-developer of the park, said, "Monrovia, considered a 'blighted city' just five years ago, has experienced a real resurgence and growth. Two major hotels, three medium-sized shopping centers with major retail anchors, seven major chain restaurants and scores of office buildings, R&D structures and industrial properties have been developed in that city and the immediate surrounding area."
Park Space Leased
Loral Instrumentation, San Diego, a telemetry products manufacturer, has leased 52,525 square feet of space in the Afton & Aero Research Park Building for six years for a consideration of $3,480,753. The park is at Aero Drive and Afton Street in Kearny Mesa; Loral was represented by Coldwell Banker and the park by Grubb & Ellis.
Complex 90% Leased
Pre-leasing has passed the 90% mark at Glenoaks Business Park, Glenoaks Boulevard and Randall Avenue in Sun Valley, with completion scheduled for Thursday. The $3-million mixed-use park consists of a 24,788-square-foot, two-story office building and four industrial structures from 13,900 to 24,000 square feet. Grubb & Ellis, Sherman Oaks, is the marketing agent.